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Home My WebLink About1096 • - . _ Utttttosat OtmHatrs. •ort~ow~ and Lender Covenant and ttgroe as tiol[trtan: L P+gaseM M IEti«fysl trawl falpree. 8txtower shall praraptly pay whew due the principal of tttd iateratt on the evidertoed by the ;Vats. r•+repttymeut and bee sham .s provided in the Note, sttd the ptarcipal .of sad interest oa wy Ftaturo Advttttces atttatred by this Mortgage. ltesds fFar Tawas tttsi Lttweaacw Sbbject to applicable law ar to a written waiver bq Lender, Bortoerer tatt~ll pay to Lender on that day tttaathly inua!Itncits of principal std interest arc. payable under the Note, until the Note is psid~in full. a twat (herein "Funde'~ egtrd to orte•tw~elith of the yearly tax~~ wad assaessmatts which my attsitt priority over this Mortgage, std grout+d guts oa the Peopsrty. if way, plus ortatwelfth of yearly preatium iastalltttents for hazard irtsltrauce. plus ooo-twdith of yearly preraiunt ittsta!ltrtents for mortgage insttt'atwe, if any, all as reasonably estimated initially and ft+aoa tints to tuns by Leader oa the bass of assessments wad Mlh and reasonable estimsta ther+eof,~ T1te Ftrttd: shall be bdd in an institution the deposits or accounts of Mrhich arc insured or luanattxd by a Fedt:ral of stale agency (iachrtGng Ltt?der if Lettrkr is such an institution). Leader shall apply. the Funds to pay aid taxes. assessmtetts, iasuraaoe premiums wad ground rents. Lender tray not charge for si+ holding and applying the Funds. analyzing said account . or verifying-and compiling said assessments and bilk. unless Lender pays Borrower interest oa the Funds and appliabk law _ preterits Linder to make wch a charge. Borrower and Lender may ttgret: in .writi:tg at the tithe of execution of this Mortgage that iatet+est on the Funds shall be paid to Borrower, std uakss sudt agreeettatt is made or applicable law requires such iatetest to be paid, Leader shall not be required to pay Borrower any interest at• earnings on the Funds. Tender . shall pve to Borrower, without charge, In annual aooounting of the Funds showing credits and debits to the Funds std the pttrpoee~or which each dtebit to the Futds was made. The Funds ace pledged u sdditianal security for the wens secured if the atnourtt of tilts Fua~ bdd by hander, together with the future monthly instsllments of Futeds payable prior to the due dates of taxes. assessments. irwnnce-premiums and ground rents. shtdl exceed the amount required to pay said taxes. - asseewtents, insurance premiums and ground rests as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower a credited to Borrower on monthly irtstalttnents of Funds. If the amount of the Funds breed by Letsder-shall not be stdBcaeat tii pay taxes, atsasmerits. insurance premiums and gtauttd rents as they fall due. Botraarer shall pay to Letda~ any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower tYquatiag-payment thereof. Upon payment in fuU of aU wens secured by this Mortgage. Larder shall promptly refund to Borrower any Funds hdd by Leader. If under paragraph l8 hereof the Property is sold or the Property a otherwise acquired by Lender. Lender tdtaH apply. no later than imaatediately prior to the sale of the Property or its acquisition by Lander, any Funds held br Lender at the time of application as a credit agaitW the stem secured by' this Mortgage. 3. Alpiiatisa of laameMS. Unless applicable law provides otherwise, :Il payments received by Lender under the Note and paragraphs 1 wad 2 hereof shall 5e applied by Lender first in Faytnent of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the princip>l of the Note. and then to interest and principal on any Future Advaarxs. ~ - - Clrargesti Llieas. Borrower shall pay all taxes, assessments and other charges, floes a_~td impositions attributable to the Property which rrray attain a priority over this Mortgage, and leasehold payments or ground rents. if -any. in the manner provided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Len•.kr all notices of amounts due under this paragraph, and in the avast - Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discha.-ge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so brag as Borrower shall agree in writing to the payment of the obligation seeuted by such lien in a manner atxeptabk to Lender. or shall in good faith contest such lion by, or defend enforcement of such lien iq Legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Henri IawrraaeY. Borrower shall keep the improvements now existing.or hereafter erected on the Property insured against loss by fire,-hazards included within the term "extended coverage", and such other- hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not requite that the amount of such coverage exceed.that amount of coverage required to pay the sums secured Eby this Mortgage. _ Tfx ittwrattee carrier providing the insurance shall be chosen by Borrower subject to .approval by Lender. provided, that such approve! shall not be wtreawnably witl.held. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. - All inwnnce policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage - clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies acid renewals thertof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. Tc. the event of loss, Borrower shall give prompt notice to the irtsurartce carrier and Lender. Lender may make proof of loss if nut made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of • the Property damaged, provided such restoration or repair is economically feasible and the security of ibis Mortgage is not thereby impaired. Tf such restoration or repair is not economically feasible or if -the security of this Mortgage would be. impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property ss abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the dace rwtice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for inwrance berteSts, Lender - is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of ilia Property or to the wens secured by Ibis Mortgage, • Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall no< extend or postpone the due date of the monthly installments referred to in paragrap!s 1 and 2 hereof or.change the amount .of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, tick and interest of Borrower i in and to-any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. _ - 3 6. Preservation sad hTsiatenssnn of Property; Leaselwlds; Uondominioms; PbanRd Urri! Derdr?pnrents. Borrower shall keep the Property in good repair and shall not comrgit.yyaste or permit impairment or deterioration of ilia Property and shall comply with the provisions of any lease if this fortgage is on a ka;chold. if this Mortgage is on a unit i:t a condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration or covertarts creating or governing the condominium or planned unit development, the by-laws and regulations of the - catdominium or planned unit development, and .constituent documents. If a condominium or planned unit development rids is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider 3 shall be incorporated into and shall amend and supplcrnent the covenants acrd agreements of this Mortgage as if the rider were a part hereof. - 7. Prolectioer of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, irtchrirng, but not limned to, =minent domain, insolvency, code enforcerttznt, or arrangements or proceedings involving a = bankrupt or decedent, then Lender at Lender's option,-upon notice to Borrower, may make such appearances, disburse such Bunts and take such-action as is necessary to protect .Lender's interest, inclreding. but not limited to. disbursement of reasonable attorney's ices and entry upon the Property to make repairs. if Lender required mortgage insurance as a condition of making th° loan secure) by this Mortgage. Borrower shah pay the premiums required [t+ maintain such insurance in etlect until sash time as the reyeiremen~ for such insurance terminates in accordance wish Borrower s and